[rqjoe]

I would swab that area when cold after car has set for a while and see if there is any wetness from oil actually dripping on it. Can't tell from your vid but I thought i saw a black wet area beyond where the smoke was coming out (of the rust holes.) In other words, just as SD_GR says, hunt for drip above.

 

[rqjoe]

The oil smoke would scare me. I have had a recall on my Buick because they were afraid oil would slosh out of the front valve cover gasket, get on the headers, catch fire, and then ignite the plastic spark plug wire holders in the area. If it were mine and I did not want to fix it right away, I might fashion a sheet metal dealybob to wire onto, or above, that pipe to divert the drips off the hot area.......

 

[rqjoe]

I would say the old gas could indeed be causing the smell in the exhaust, incomplete burn. I have smelled this in lawnmowers with old gas many times.